Dubai World Restructuring: No Restructuring Proposal Offered No Standstill Requested

Apparently, as per Reuters Dubai World did not formally request a standstill or offer any proposals on the restructuring today.

The latter is not surprising.

What's unclear is precisely what happened at the meeting.

Under best practice, Dubai World would have 

1. Introduced its internal team and external advisors with the goal of conveying a sense of competence and willingness to do business with its creditors in a transparent professional fashion.   
2. And, as is often appropriate (and seems to be the case here), introduce the new senior managers to confirm to the assembly that the ritual sacrifice of old management has been made.
   
3. Outlined its financial position: group structure, overall and subsidiary quantum of debt, debt maturities, asset values, cashflow as a way of framing future discussion over the restructuring.   (If DW and its subsidiaries still don't have an idea of what deal they are seeking at least in broad terms, that is not good.)
4. Requested the standstill.
5. Asked for the formation of a steering committee.
   

A real danger in a case like this is opening the floor for bright ideas.

This is the time for DW to recall that the bright folks who made the loans to them are by and large represented in the august body of creditors that will now decide their fate.  A realization that is perhaps a "la gota fria" moment.